LPL Financial price target raised to $309, named a ‘Top Pick’ at Morgan Stanley

Morgan Stanley raised the firm’s price target on LPL Financial to $309 from $303 and keeps an Overweight rating on the shares, which the analyst also elevates to “Top Pick” among the Brokers & Exchanges group. The firm sees an “attractive entry point” with the shares lagging peers year-to-date, which it blames on sweep cash/yield and expense concerns that have weighed on the earnings outlook and valuation. The firm thinks concerns are “overdone” and expects greater clarity around those fears in the coming months to alleviate investor concerns, the analyst says.